We have audited the accompanying standalone financial
statements of Welspun Enterprises Limited ("the
Company"), which comprises of Standalone Balance Sheet
as at March 31,2026, the Standalone Statement of Profit
and Loss (including Other Comprehensive Income), the
Standalone Cash Flow Statement and the Statement of
Changes in Equity for the year then ended, and notes to
the standalone financial statements, including a summary
of material accounting policies and other explanatory
information which includes financial statements of Welspun
Employees Welfare Trust ("the Trust") for the year ended
on that date (hereinafter referred to as "the Standalone
Financial Statements").

In our opinion and to the best of our information and
according to the explanations given to us, and based
on the consideration of the audit report of other auditor
on separate financial statements and on other financial
information of the Trust referred to in the Other Matters
paragraph below, the aforesaid Standalone Financial
Statements give the information required by the Companies
Act, 2013 ("the Act") in the manner so required and give a
true and fair view in conformity with the Indian Accounting
Standards prescribed under Section 133 of the Act read
with Companies (Indian Accounting Standards) Rules,
2015, as amended, ("Ind AS") and other accounting
principles generally accepted in India, of the state of affairs
of the Company as at March 31,2026, its profit, total other
comprehensive income, its cash flows and the changes in
equity for the year ended on that date.

BASIS FOR OPINION

We conducted our audit in accordance with the Standards
on Auditing (SAs) specified under Section 143(10) of
the Act. Our responsibilities under those Standards are
further described in the Auditor's Responsibilities for the
Audit of the Standalone Financial Statements section
of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute
of Chartered Accountants of India ('ICAI') together with
the ethical requirements that are relevant to our audit of
the Standalone Financial Statements under the provisions
of the Act and the Rules made thereunder, and we have
fulfilled our other ethical responsibilities in accordance
with these requirements and the ICAI's Code of Ethics.
We believe that the audit evidence obtained by us is
sufficient and appropriate to provide a basis for our audit
opinion on the Standalone Financial Statements.

KEY AUDIT MATTERS

Key audit matters are those matters that, in our professional
judgment, were of most significance in our audit of the
Standalone Financial Statements of the current year.
These matters were addressed in the context of our audit
of the Standalone Financial Statements as a whole and
in forming our opinion thereon, and we do not provide a
separate opinion on these matters.

We have determined the matters described below to be
the key audit matters to be communicated in our report.
We have fulfilled the responsibilities described in the
Auditor's responsibilities for the audit of the Standalone
Financial Statements section of our report, including in
relation to these matters.

Accordingly, our audit included the performance of
procedures designed to respond to our assessment of the
risks of material misstatement of the standalone financial
statements. The results of our audit procedures, including
the procedures performed to address the matters below,
provide the basis for our audit opinion on the accompanying
Standalone Financial Statements.

INFORMATION OTHER THAN THE STANDALONE
FINANCIAL STATEMENTS AND AUDITORS' REPORT
THEREON

The Company's Management and Board of Directors are
responsible for the other information. The other information
comprises the information included in the Business
Responsibility and Sustainability Report, Management
Discussion and Analysis (MDA), Corporate Governance and
Board's Report including annexures to the Board report but
does not include the Standalone Financial Statements and
our auditors' report thereon.

Our opinion on the Standalone Financial Statements does
not cover the other information and we do not express any
form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial
Statements, our responsibility is to read the other
information and, in doing so, consider whether the other
information is materially inconsistent with the Standalone
Financial Statements or our knowledge obtained during the

course of our audit or otherwise appears to be materially
misstated.

If, based on the work we have performed, we conclude that
there is a material misstatement of this other information,
we are required to report that fact. We have nothing to
report in this regard.

RESPONSIBILITIES OF MANAGEMENT AND
THOSE CHARGED WITH GOVERNANCE FOR THE
STANDALONE FINANCIAL STATEMENTS

The Company's Management and Board of Directors are
responsible for the matters stated in Section 134(5) of the
Act with respect to the preparation of these Standalone
Financial Statements that give a true and fair view of
the financial position, financial performance (including
other comprehensive income), cash flows and changes in
equity of the Company in accordance with the accounting
principles generally accepted in India, including the
Accounting Standards (Ind AS) specified under Section
133 of the Act read with the Companies (Indian Accounting

Standards) Rules, 2015, as amended and other accounting
principles generally accepted in India.

This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of
the Act for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting
policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the
preparation and presentation of the standalone financial
statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Statements, the
Management and the Board of Directors are responsible
for assessing the Company's ability to continue as a going
concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting
unless the Management and the Board of Directors either
intends to liquidate the Company or to cease operations,
or has no realistic alternative but to do so.

The Company's Board of Directors is also responsible for
overseeing the Company's financial reporting process.

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF
THE STANDALONE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about
whether the Standalone Financial Statements as a whole
are free from material misstatement, whether due to fraud
or error, and to issue an auditors' report that includes
our opinion. Reasonable assurance is a high level of
assurance but is not a guarantee that an audit conducted
in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually
or in aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the
basis of these standalone financial statements.

As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional skepticism
throughout the audit. We also:

• Identify and assess the risks of material misstatement
of the Standalone Financial Statements, whether due
to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or
the override of internal control.

• Obtain an understanding of internal control relevant
to the audit in order to design audit procedures that
are appropriate in the circumstances. Under Section
143(3)(i) of the Act, we are also responsible for

expressing our opinion on whether the Company has
adequate internal financial controls with reference to
the Standalone Financial Statements in place and the
operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by the Management.

• Conclude on the appropriateness of Management's
use of the going concern basis of accounting and,
based on the audit evidence obtained, whether
a material uncertainty exists related to events or
conditions that may cast significant doubt on the
Company's ability to continue as a going concern.
If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor's report
to the related disclosures in the Standalone Financial
Statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on
the audit evidence obtained up to the date of our
auditor's report. However, future events or conditions
may cause the entity to cease to continue as a going
concern.

• Evaluate the overall presentation, structure and
content of the Standalone Financial Statements,
including the disclosures, and whether the Standalone
Financial Statements represent the underlying
transactions and events in a manner that achieves
fair presentation.

Materiality is the magnitude of misstatements in the
Standalone Financial Statements that individually or in
aggregate makes it probable that the economic decisions
of a reasonably knowledgeable user of the standalone
financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning
the scope of our audit work and in evaluating the results
of our work and (ii) to evaluate the effect of identified
misstatements in the standalone financial statements.

We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we
identify during our audit.

We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and to communicate
with them all relationships and other matters that may
reasonably be thought to bear on our independence, and
where applicable, related safeguards.

From the matters communicated with those charged with
governance, we determine those matters that were of
most significance in the audit of the Standalone Financial
Statements of the current period and are therefore the key
audit matters. We describe these matters in our auditors'
report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated
in our report because the adverse consequences of doing

so would reasonably be expected to outweigh the public
interest benefits of such communication.

OTHER MATTERS

• We did not audit the financial statements of Welspun
Enterprises Welfare Trust included in the Standalone
Financial Statements of the Company whose financial
statements reflect total assets of ' 83.80 crores (total
assets ' 0.28 crores net after elimination) as at 31
March 2026 and total revenues of ' Nil, total net loss
after tax of ' 0.36 crores, total comprehensive loss of
' 0.36 crores and net cash outflows of ' 2.00 crores
for the year ended 31 March 2026. These financial
statements have been audited by other auditor,
whose financial statements and auditors report have
been furnished to us by the management, and our
opinion on the standalone financial statements in
so far as it relates to the amounts and disclosures
included in respect of the trust and our report in terms
of subsection (3) of Section 143 of the Act, in so far
as it relates to the trust, is based solely on the report
of such other auditor.

• We draw attention to the fact that the figures for the
corresponding previous year ended March 31, 2025
prepared in accordance with Ind AS and included in
the standalone financial statements, are based on
the previously issued audited standalone financial
statements that were audited by the predecessor
auditor, who had expressed an unmodified opinion
thereon in their audit report dated May 15, 2025.

Our opinion on the standalone financial statements and our
report on Other Legal and Regulatory Requirements below
are not modified in respect of these matters.

REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS

1. Pursuant to the Companies (Auditor's Report) Order,
2020 ("the Order"), issued by the Central Government
of India in terms of Sub-Section (11) of Section 143
of the Act, and on the basis of such checks of the
books and records of the Company as we considered
appropriate and according to the information and
explanations given to us, we give in the Annexure "A"
a statement on the matters specified in paragraphs 3
and 4 of the Order, to the extent applicable.

2. As required by Section 143(3) of the Act, we report
that:

(a) We have sought and obtained all the information
and explanations which to the best of our
knowledge and belief were necessary for the
purposes of our audit.

(b) In our opinion, proper books of account as
required by law have been kept by the Company
so far as it appears from our examination of
those books, except for the matters stated in
the paragraph 2(i)(vi) below on reporting under
Rule 11 (g) of the Companies (Audit and Auditors)
Rules, 2014.

(c) The standalone Balance sheet, the standalone
Statement of profit & Loss including other
comprehensive income, the standalone Cash
Flow Statement and Statement of Changes in
Equity dealt with by this Report are in agreement
with the books of account.

(d) In our opinion, the aforesaid Standalone Financial
Statements comply with the Accounting
Standards specified under Section 133 of the
Act, read with Companies (Indian Accounting
Standards) Rules, 2015, as amended.

(e) On the basis of the written representations
received from the directors as on March 31,2026
taken on record by the Board of Directors, none
of the directors are disqualified as on March 31,
2026 from being appointed as a Directors in
terms of Section 164(2) of the Act.

(f) The modifications relating to the maintenance
of accounts and other matters connected
therewith are as stated in paragraph 2(b) above
on reporting under Section 143(3) of the Act
and paragraph 2(i)(vi) below on reporting under
Rule 11 (g) of the Companies (Audit and Auditors)
Rules, 2014.

(g) With respect to the adequacy of the internal
financial controls with reference to Standalone
Financial Statements of the Company and
the operating effectiveness of such controls,
refer to our separate Report in Annexure "B".
Our report expresses an unmodified opinion on
the adequacy and operating effectiveness of
the Company's internal financial controls with
reference to Standalone Financial Statements.

(h) With respect to the other matters to be included
in the Auditor's Report in accordance with the
requirements of Section 197(16) of the Act,
as amended, in our opinion and to the best of
our information and explanations given to us,
the remuneration paid by the Company to its
directors during the year is in accordance with
the provisions of Section 197 of the Act.

(i) With respect to the other matters to be included
in the Auditor's report in accordance with Rule
11 of the Companies (Audit and Auditors) Rules,
2014, as amended in our opinion and to the
best of our information and according to the
explanations given to us:

i. The Company has disclosed the impact of
pending litigations on its financial position
in its Standalone Financial Statements.
(Refer note 49 to Standalone Financial
Statements)

ii. The Company has made provision as required
under the applicable law or accounting
standards, for material foreseeable losses,

v. The amount of dividend is in accordance
with Section 123 of the Act.

(a) The final dividend proposed in the
previous year, declared and paid by
the Company during the year is in
accordance with section 123 of the
Act, as applicable.

(b) As stated in note 60 to the Standalone
Financial Statements, the Board
of Directors of the Company has
proposed final dividend for the year
which is subject to the approval of the
members at the ensuing Annual General
Meeting. Such dividend proposed is in
accordance with section 123 of the
Act, to the extent it applies to payment
of dividend.

vi. The reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014
is as under:

Based on our examination which included
test checks, the Company has used
accounting software for maintaining its
books of account which has a feature of
recording audit trail (edit log) facility and
the same has operated throughout the year
for all relevant transactions recorded in the
software except that no audit trail feature
was enabled at the database level for direct
database changes.

Further, during the course of our audit, we did not come
across any instance of audit trail feature being tampered
with, in respect of accounting software(s) where the
audit trail has been enabled. Additionally, the audit trail
has been preserved by the Company as per the statutory
requirements for record retention to the extent it was
enabled and recorded in the respective years.

For Suresh Surana and Associates LLP

Chartered Accountants

Firm's Registration. No.: 121750W / W-100010

Santosh Maller

Partner

Membership No.: 143824
UDIN: 26143824FIKABF2001

Place: Mumbai
Date: 14 May 2026